Hi everyone. I was reading the "what would you do with 2 million in the bank" thread and I notice there're many intelligent and wealthy members on here. I'm just wondering if you'd like to share your ideas, success stories and strategies (for men) on how to make more money and retire early?? Eg. Is starting a successful business the only way to become wealthy early on?? There must be some other ways.
How to make more money and retire early??
- Thread starter xo888
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When I went into business for myself, I had to tighten up my belt and do without many things that I was use to having. If you want to retire comfortably, them you have to cut back and save so that you can participate in and take advantage of opportunities as they become available.
I never did drugs of any kind, ( even marijuana ) If you do then cut that out. Cut does on the drinking and going out. Live within your means. If you build up debt, you are only hurting yourself in the future. I can have a dram of Chivas Regal now, but when things were tough, I did not splurge and buy what I could not afford.
This is my opinion, but I believe it to be true. In the future, things will get harder. The world has changed and if you do not prepare and change along with it you will be left behind. I have a friend that worked at Aveos, when things were good he made over $100k with overtime, now he is out on his ass. He did not prepare to the change.
I asked LL. He says that there are several paths to early retirement.
1) Save every penny you can when you are young. Compound interest is your friend.
2) Rise to the top of the company`s management team. GM has 200,000 employees, and the top 20 are paid enough to become multimillionaires. So just be the best out of 10,000 people at your job.
3) Inherit it
4) Invest your money extremely well. Most financial advisers are not paid by how much you make, they are paid by how many transactions you are doing. If they knew how to make money they would be retired at 30.
5) There are many kinds of investments but 2 main ones. During your building wealth stage pretty much 10 to 25% is a good average rate of return. The down side is you can loose 10 to 25% just as easily. Never risk the money you need to survive.
6) While you are in your consuming your wealth stage use safe investments. After inflation and taxes expect to be able to spend 1 or 2% a year without bleeding your savings.
7) The only investment that pays well is the investment you make before the herd decides it is a good investment. For example if you bought shares in a freeze dried food company and rode the December 2012 purchase frenzy you could make a tidy profit by November. If you invest in the companies now you are almost too late. In early 2013 there will probably an adjustment in real estate. If you have your money ready and know what properties you want.
8) The baby boomer will overload the health and retirement home system during the next few decades. Estimating the number of people who will need services and get there before they need to consume your product. No one is speaking about it, but the safety net will have a huge crop
. Assume that they will have to provide `social assistance`at the barracks level in the future. Understand what that will do to society and provide the services that those with money will want.9) If you are cute and young find a woman whose rich but older husband passed away. Lots of the girls my age married to men 20 and 30 year older men will see no reason to become hermits when their spouses die.
10) Consider moving to a country that is more money friendly
.11) If you do not understand NPV, future value, and other basic concepts already, go back to school or get involved with a dirty old man to explain it to you between sex sessions.
OK now all the people who disagree can say how stupid this is. How I am an air head, how I do not exist, and provide you their insight.
Or if you want to make even more money: "how to make more money and retire early and pick up any girl you want"
"Buy low, sell high."
But don't get so high that your head is spinning, you need to keep your wits about you when dealing with money.
But don't get so high that your head is spinning, you need to keep your wits about you when dealing with money.
Start up a company, rack up the debt, and claim bankruptcy to screw over the debtholders, lather, rinse repeat. The top 1% use the legal system/bankruptcy rules to their advantage when things don't go well. The 99% get left holding the bag.
Read the books by Thomas J Stanley on how the real average millionaire in America lives and you will see just why they say rich people don't waste money on junk that doesn't make them more money.
Buffett is the great example. Simple car, same old house.
For me, it's becoming a matter of knowing how much is enough and what makes me happy. On that it makes it easier to save and will let me know when I can safely stop working.
Finally, learn to manage your own investments. Too few people take this seriously, but one is unlikely to do much worse than the guy skimming your wealth at the bank.
Buffett is the great example. Simple car, same old house.
For me, it's becoming a matter of knowing how much is enough and what makes me happy. On that it makes it easier to save and will let me know when I can safely stop working.
Finally, learn to manage your own investments. Too few people take this seriously, but one is unlikely to do much worse than the guy skimming your wealth at the bank.
Unfortunately there's some truth to this statement. Don't get me wrong, I'm not the Occupy Wall Street type.
